Quipt Home Medical (QIPT), mcap=$161m, price $4.8 vs $4.32

– Provider of in-home respiratory devices and consumables.
– Growing fast through roll-up strategy.
– Similar roll-up peer Apria was just acquired at 7x EBITDA vs 4x 2023 for QIPT.
– Razor and blades business model, with consumables accounting for 28% of sales.

Valuation: Expected to generate >$100m EBITDA by 2026 (vs $24m run-rate at the end of ’21) with delta mostly from acquisitions. At 6x multiple, EV=$600m or $10/share in equity.

Exp. gain: +100% to $10/share.

Full QIPT write-up (free guest account required):

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